In Manulife’s latest study, “Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19,” we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations -- Filipino millennials and Gen Zs. As they strive to navigate the new realities brought by COVID-19, they are also taking more proactive steps toward achieving financial security and mental wellness.
The study also found that the pandemic has impacted their financial behavior, recognizing that due to various economic disruptions, they have become more financially conscious – reassessing their priorities, and their needs vs. wants -- so they can be more ready for the future.
These concerns have greatly influenced their top priorities in life.
While most claim to save at least 25% of their monthly income and stick to a budget religiously, they are actually only able to save approximately 10%.
prioritize spending on necessities over wants
of Gen Z consider buying insurance in 1-2 years
don’t want to incur debt or take loans they cannot pay
of Millennials are looking to grow money
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